Milliman - Integrate
Type of System
- Capital modelling
- Economic capital aggregation
- Economic / risk scenario generator
- Governance, risk compliance (GRC)
- Risk management
- Asset/liability management
- Data management
- End-to-end ERM
- Solvency II solution
- Internal/external reporting
- Portfolio analysis/hedging
- Governance, risk, compliance (GRC)
- Daily Solvency Monitoring
Type of platform
Other features - the offering facilitates:
- Least-squares Monte Carlo
- NAIC Principle-based reserving
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
What are the typical implementation costs?
Implementation plans are structured based upon individual client needs.
How long does your software take to implement on site?
Implementation time depends on the intended use cases and the business complexity. It may range between several months for a pragmatic cash flow model of a simple fund to 2-3 years for a full end-to-end ERM solution covering a wide range of applications for a large group.
Please name companies that use the system/solution
The Phoenix Group, Royal London and five large US insurers
Most recent significant update:
We have continued work to enable insurers to meet LDTI requirements. Over the past year, we have extended functionality in Integrate to support time-zero valuations and deferred profit liability projections for interest sensitive and traditional life, health and DI products.
This includes time-zero income statements and balance sheets reflecting LDTI calculations, additional disclosure items related to transition, and ability to lock-in the reserve net premium ratio.
We expect projected income statements and balance sheets, as well as support for market risk benefits to be available later in 2019, completing the solution.
Changes to insurance regulations mean insurers must annually complete an ever-increasing number of financial projections. Cloud computing offers a solution to the limits of on-premises desktops and grids.
As the need for this solution increases, we continue to enhance our offering to minimise the cost and runtime of cloud computing.
Over the past year, we have addressed many aspects, such as data distribution, cloud resource utilization rates and reliability of hardware.
Historically Integrate calculations were distributed either by liability cell or economic scenario. We introduced the ability to distribute by liability cell within each economic scenario. This has the potential to decrease runtime by orders of magnitude.
Planned future enhancements:
Adding the ability to collaborate over reports, by enabling users to add and share a narrative as they explore and analyse results.
Enhancing our tools to utilise artificial intelligence / machine learning tools.
Storage optimizations for increasing performance and reducing the cost of our big data platform.
How does your solution integrate with third-party systems or in-house systems?
We work with our clients and system providers as needed. For example, we incorporated Deloitte’s XSG scenario generator into our end-to-end cloud computing process at Phoenix.
Our IFRS 17 solution is designed such that we are agnostic to the system used to generate the policy cash flows feeding the IFRS 17 processes.
What is the key attribute of your product(s) that differentiates it from your competitors?
Integrate is a single technology platform that enables a holistic approach to the actuarial modelling and financial reporting process, offered a streamlined solution that balances flexibility and control. It includes:
Automated end-to-end workflow
Solvency II standard formula and internal model risk distribution calculations
Scalable computing power powered by Microsoft Azure
Leverage technology for faster, more reliable information with Integrate. Get Milliman’s Integrate solution at milliman.com/integrate